Pan American Silver Corp (PAAS) 2024 Q4 法說會逐字稿

Thank you for standing by.

感謝您的支持。

This is the conference operator.

這是會議主持人。

Welcome to the Pan American Silver fourth-quarter and year-end 2024 results conference call.

歡迎參加泛美白銀 2024 年第四季和年終業績電話會議。

(Operator Instructions) The conference is being recorded.

（操作員指示）會議正在錄音。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Siren Fisekci, VP, Investor Relations.

現在，我想將會議交給投資者關係副總裁 Siren Fisekci。

Please go ahead, Ms. Fisekci.

請繼續，菲塞克奇女士。

Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our Q4 financial results, our audited financial results for the 2024 year and our outlook for 2025.

感謝您今天參加泛美白銀公司的電話會議和網路廣播，討論我們的第四季度財務業績、2024 年審計財務業績以及 2025 年展望。

This call includes forward-looking statements and information and makes reference to non-GAAP measures.

本次電話會議包括前瞻性陳述和訊息，並參考了非公認會計準則指標。

Please see the cautionary statements in our MD&A, news release and presentation slides for our 2024 audited results, all of which are available on our website.

請參閱我們的 MD&A、新聞稿和簡報幻燈片中有關 2024 年審計結果的警告聲明，所有這些聲明均可在我們的網站上找到。

I'll now turn the call over to Michael Steinmann, Pan American's President and CEO.

現在我將把電話轉給泛美航空總裁兼執行長 Michael Steinmann。

Thank you, Siren, and hello, everyone.

謝謝你，Siren，大家好。

I'm glad you could join us to discuss Pan American's 2024 results and our outlook for 2025.

我很高興您能加入我們，討論泛美航空 2024 年的表現以及我們對 2025 年的展望。

We are very pleased with the company's performance over the past year.

我們對公司過去一年的表現感到非常滿意。

Revenue was a record of $815.1 million in Q4 and $2.8 billion in 2024, reflecting the contribution of a full year production from the acquired Yamana mines and strong metal prices.

第四季營收達到創紀錄的 8.151 億美元，2024 年營收達到 28 億美元，反映了收購的 Yamana 礦場全年產量和強勁的金屬價格的貢獻。

We achieved our production guidance for 2024.

我們實現了2024年的生產目標。

Silver production totaled 21.1 million ounces, and gold production was a company record of 892,000 ounces.

白銀產量總計 2,110 萬盎司，黃金產量達到公司最高紀錄 892,000 盎司。

All-in sustaining costs for the Silver segment, excluding NRV inventory adjustments, were $18.98 per ounce in 2024, slightly above the guidance.

2024 年白銀部門的全部維持成本（不包括 NRV 庫存調整）為每盎司 18.98 美元，略高於預期。

Gold segment all-in sustaining costs, excluding NRV inventory adjustments in 2024, were $1,501 per ounce and were within the guidance.

黃金部門的全部維持成本（不包括 2024 年的 NRV 庫存調整）為每盎司 1,501 美元，符合指導範圍。

In 2024, we completed several major projects, notably the new ventilation infrastructure at La Colorada.

2024 年，我們完成了幾個重大項目，特別是 La Colorada 的新通風基礎設施。

We are now seeing the benefits in terms of higher throughput at La Colorada, achieving our target 2,000 tonnes at the end of last year and lower per ounce operating costs.

我們現在看到了 La Colorada 產量提高的好處，去年年底我們實現了 2,000 噸的目標，而且每盎司的營運成本也降低了。

We finished construction of the new filtration plant and filter stack tailings storage facility at Huaron and the paste backfill plant at Timmins.

我們已完成位於 Huaron 的新過濾廠和濾池尾礦儲存設施以及位於 Timmins 的糊狀回填廠的建設。

These investments have set those assets up well for the future, while today our operations are generating record cash flows.

這些投資為這些資產的未來做好了準備，而今天我們的營運正在產生創紀錄的現金流。

Cash flow generated from operations was a record $274.1 million in Q4 and also a record of $724.1 million for the full year, reflecting strong margins.

第四季經營活動產生的現金流達到創紀錄的 2.741 億美元，全年也達到創紀錄的 7.241 億美元，反映出強勁的利潤率。

We also achieved record free cash flow of $196.2 million in Q4 or $445.1 million for the full year.

我們還在第四季度實現了創紀錄的 1.962 億美元的自由現金流，全年實現 4.451 億美元的自由現金流。

We recorded net earnings of $107.8 million or $0.30 per share in Q4.

我們第四季的淨利潤為 1.078 億美元，即每股 0.30 美元。

Full year net earnings were $112.7 million or $0.31 per share in 2024.

2024 年全年淨利為 1.127 億美元，即每股 0.31 美元。

Net earnings in Q4 reflect a gain from the sale of La Arena being almost entirely offset by adjustments at Dolores to the closure and decommissioning liability and to the net realizable view of the inventory.

第四季度的淨收益反映了出售 La Arena 的收益，但該收益幾乎完全被 Dolores 對關閉和退役負債以及庫存淨可實現價值的調整所抵消。

The adjustments at Dolores reflect the completion of mining and the transition to the residual leaching phase and active reclamation.

多洛雷斯的調整反映了採礦的完成以及向殘餘浸出階段和積極復墾的過渡。

Based on our most recent estimates for residual heap leaching in the post-mining phase, we expect economic production to continue at decreasing rates through mid- to late 2026.

根據我們對採礦後階段殘留堆浸的最新估計，我們預計到 2026 年中後期經濟產量將繼續以下降的速度下降。

A gain from the La Arena sale and the adjustments at Dolores were adjusted from earnings.

La Arena 出售所得收益和 Dolores 的調整已從收益中調整。

This resulted in adjusted earnings of $126.9 million or $0.35 per share in Q4.

這使得第四季度調整後收益為 1.269 億美元，即每股 0.35 美元。

Full year adjusted earnings were $286.7 million or $0.79 per share.

全年調整後收益為 2.867 億美元，即每股 0.79 美元。

Pan American is entering 2025 in a strong financial position.

泛美航空將以強勁的財務狀況邁入 2025 年。

We are now in a net cash position with $887 million cash and short-term investments against roughly $800 million of debt largely related to the 2 long-term bonds we acquired to the Yamana transaction.

我們目前處於淨現金狀況，擁有 8.87 億美元的現金和短期投資，而債務約為 8 億美元，主要與我們為 Yamana 交易而收購的 2 筆長期債券有關。

Our credit facility remains undrawn, giving us $1.6 billion of total available liquidity.

我們的信貸額度尚未提取，因此我們總共擁有 16 億美元的可用流動資金。

This is a great position to be able to pursue our growth objectives while returning capital to shareholders.

這對我們來說是一個很好的機會，讓我們能夠追求成長目標，同時向股東回饋資本。

Yesterday, we announced a $0.10 per share dividend with respect to Q4.

昨天，我們宣布第四季每股股息 0.10 美元。

In the first quarter of 2025, we also repurchased approximately $20 million or roughly 900,000 shares under the share buyback plan.

2025 年第一季度，我們也根據股票回購計畫回購了約 2,000 萬美元或約 90 萬股。

That brings total share repurchases since introducing the share buyback plan last March to roughly 2.6 million shares.

自去年 3 月推出股票回購計畫以來，股票回購總額已達到約 260 萬股。

Total dividends paid over 2024 were $145.4 million.

2024 年支付的股利總額為 1.454 億美元。

I'm very proud that we have been able to return over $1 billion in dividends and share buybacks to investors since 2010 while investing in growth, maintaining a strong balance sheet and not issuing any equity through public offerings.

我感到非常自豪，自 2010 年以來，我們能夠向投資者返還超過 10 億美元的股息和股票回購，同時投資於成長、保持強勁的資產負債表，並且不透過公開發行任何股票。

Moving on to our guidance for this year.

繼續討論我們今年的指導。

In 2025, we are expecting largely steady-state operations with the notable changes relative to 2024 being the sale of La Arena, Dolores entering the residual leach phase and improved operations at La Colorada following the ventilation upgrade.

我們預計 2025 年的營運將基本保持穩定，與 2024 年相比，顯著的變化是 La Arena 的出售、Dolores 進入殘餘浸出階段以及 La Colorada 在通風升級後運作得到改善。

We are expecting to produce between 20 million to 21 million ounces of silver and 735,000 to 800,000 ounces of gold in 2025.

我們預計 2025 年白銀產量將達到 2,000 萬至 2,100 萬盎司，黃金產量將達到 73.5 萬至 80 萬盎司。

We expect both silver and gold production to be weighted to the second half of the year with corresponding effects of lower per unit costs over that period.

我們預期白銀和黃金的產量都將集中在下半年，從而相應導致該時期單位成本的下降。

Please see our Q4 news release and MD&A for quarterly production and cost estimates.

請參閱我們的第四季度新聞稿和 MD&A，以了解季度產量和成本估算。

Average all-in sustained costs for the Silver segment in 2025 are expected to be between $16.25 and $18.25 per ounce.

預計 2025 年白銀市場平均持續成本在每盎司 16.25 美元至 18.25 美元之間。

For the Gold segment, we expect all-in sustaining costs of between $1,525 to $1,625 per ounce in 2025.

對於黃金領域，我們預計 2025 年的總維持成本在每盎司 1,525 美元至 1,625 美元之間。

Sustaining capital is forecasted to be between $270 million to $285 million and project capital between $90 million to $100 million.

預計維持資本在 2.7 億至 2.85 億美元之間，專案資本在 9,000 萬美元至 1 億美元之間。

Project capital includes investment at La Colorada and the current vein mine operation aimed at opening production access to 13 new veins.

專案資本包括對 La Colorada 和目前礦脈礦開採的投資，旨在開闢 13 條新礦脈的生產通道。

These discoveries will expand high-grade zones in the eastern part of the mine and were highlighted in our December 9, 2024, annual exploration update news release.

這些發現將擴大礦場東部的高品位區域，並在我們 2024 年 12 月 9 日的年度勘探更新新聞稿中重點介紹。

For the La Colorada Skarn project, we plan to invest $39 million to $42 million in exploration and infill drilling and to advance the technical studies to determine the optimum development scenario for the company.

對於La Colorada Skarn項目，我們計劃投資3,900萬至4,200萬美元用於勘探和加密鑽探，並推進技術研究，以確定公司的最佳開發方案。

We're also investing project capital at Timmins for the construction of the Stage 6 tailings storage facility and exploration of satellite deposits.

我們也在蒂明斯投資專案資本，用於建造第六階段尾礦儲存設施和勘探衛星礦床。

At Jacobina, we are directing project capital to advance the comprehensive mine and plant optimization study, expecting to describe some initial value-enhancement projects by midyear.

在 Jacobina，我們正在引導專案資本來推進全面的礦場和工廠優化研究，預計在年中之前描述一些初步的增值項目。

At Huaron, we have some residual project capital related to the new tailings filtration plant and filter stack tailings storage, which have been successfully commissioned and ramping up to full operation.

在華榮，我們有一些與新尾礦過濾廠和濾池尾礦儲存相關的剩餘專案資本，這些資金已成功調試並全面投入營運。

We plan to invest about $80 million on exploration in 2025, mostly for reserve replacement.

我們計劃在2025年投資約8,000萬美元用於勘探，主要用於儲量替代。

We are forecasting cash taxes of $240 million to $260 million with approximately a third to be paid in the first quarter of 2025.

我們預計現金稅為 2.4 億至 2.6 億美元，其中約三分之一將在 2025 年第一季支付。

Care and maintenance costs are estimated to total between to $20.5 million to $24 million, mostly related to Escobal.

護理和維護費用預計總計在 2,050 萬至 2,400 萬美元之間，主要與埃斯科巴爾有關。

Working meetings amongst the participants in the consultation process for Escobal resumed in late January after the Christmas break.

聖誕節假期過後，埃斯科瓦爾案諮詢進程參與者的工作會議於 1 月底恢復。

We will continue to work with the government of Guatemala and the Xinka representatives to advance the consultation process.

我們將繼續與危地馬拉政府和辛卡代表合作，推動協商進程。

The government has not yet published the time line for completion of the consultation, and there is no date for restart of the operation.

政府尚未公佈完成諮詢的時間表，也沒有確定重啟營運的日期。

Heading into 2025, Pan American is well positioned to benefit from the strong metal price environment we are in.

展望 2025 年，泛美集團將充分利用我們所處的強勁金屬價格環境。

The mines we acquired to the Yamana transaction and the strong operating teams, managing them are now well integrated in our organization.

我們透過 Yamana 交易收購的礦場以及管理這些礦場的強大營運團隊現已很好地融入了我們的組織中。

We made significant strides in rationalizing the portfolio, and we will continue with a focus on safe, efficient and sustainable mining operations.

我們在合理化投資組合方面取得了重大進展，我們將繼續專注於安全、高效和永續的採礦作業。

We will continue to build an even better and stronger company that offers investors unique upside to silver with expanding margins in a rising metal price environment.

我們將繼續建立一家更好、更強大的公司，在金屬價格上漲的環境中為投資者提供白銀獨特的上升空間並提高利潤率。

We're well on track with that goal, and I look forward to keeping you informed of our progress.

我們正在順利實現這一目標，我期待向您通報我們的進展。

I will be happy now to take your questions.

我現在很高興回答你們的問題。

(Operator Instructions) Cosmos Chiu, CIBC.

(操作員指示) Cosmos Chiu，CIBC。

Thanks, Michael and team.

謝謝邁克爾和他的團隊。

Maybe my first question is on La Colorada.

也許我的第一個問題是關於 La Colorada 的。

I see that your 2025 guidance is 5.5 million to 5.8 million ounces.

我看到您的 2025 年指導目標是 550 萬至 580 萬盎司。

I could have -- I would have thought that could have been slightly higher just given that you produced 1.6 million ounces in Q4.

我本來以為這個數字可能會略高一些，因為你們在第四季生產了 160 萬盎司。

But I guess now everything is in a straight line.

但我想現在一切都已步入正​​軌。

So could you maybe comment on 2025 guidance for La Colorada?

那麼您能否對 La Colorada 的 2025 年指導方針發表評論？

Sure, Cosmos.

當然，Cosmos。

I'll let Steve answer that question.

我讓史蒂夫來回答這個問題。

Cosmos, thank you for that question.

Cosmos，謝謝你的提問。

If you recall in December, we put out a press release that highlighted some of the really significant exploration intercepts we're seeing off to the east side of that area on Candelaria.

如果你還記得，去年 12 月，我們發布了一份新聞稿，重點介紹了我們在 Candelaria 地區東側看到的一些真正重要的勘探發現。

What we decided to do is -- there's a bit of a balancing going on.

我們決定要做的是──進行一些平衡。

We're trying to reduce a little bit the burden.

我們正在努力減輕一點負擔。

We've got a capacity burden in the system on waste movement.

我們的系統在廢棄物運輸方面承受著容量負擔。

And we want to develop out into this new area to bring long-term value to that operation.

我們希望拓展這一新領域，為該業務帶來長期價值。

So we're balancing what kind of impacts do we want to see next year compared to trying to get that aggressively opening up that new area and understanding better the potential reserves out in that area.

因此，我們正在權衡我們希望明年看到什麼樣的影響，而不是試圖積極開拓新地區並更好地了解該地區的潛在儲量。

So it was kind of a happy median we chose for 2025, take a little bit of short-term pain for long-term gain there.

因此，我們為 2025 年選擇了一個令人滿意的中位數，承受一點短期痛苦，換來長期利益。

And I'll let Chris talk a little bit about what we're seeing out there and why we're doing it.

我請克里斯稍微講一下我們看到的情況以及我們為什麼這樣做。

But before that, I just also want to mention that along the way going out to that east, we do cross a section of concession that belongs to one of our neighbors.

但在此之前，我還想提一下，在向東走的路上，我們確實穿過了屬於我們一個鄰國的一塊特許經營區。

So we will be mining through a concession there.

因此我們將透過那裡的特許權進行採礦。

And there seems to be some more there, and we'll share some of the profits with that concession owner as we pass through there.

那裡似乎還有更多，我們經過那裡時會與特許經營權所有者分享部分利潤。

So that has a bit of an impact on the cost and the production as well.

所以這對成本和生產也會有一定影響。

But it's really the waste constraint.

但這其實是一種浪費限制。

We want to develop that area.

我們想開發那個地區。

We only have so much capacity to move ore and waste.

我們運送礦石和廢料的能力是有限的。

So something's got to give as we open up that area.

因此，當我們開放該地區時，必須做出一些讓步。

And we think long term, it's going to bring substantial additional value to the company.

我們認為，從長遠來看，它將為公司帶來巨大的附加價值。

And I'll let Chris kind of highlight on that.

我讓克里斯重點強調一下這一點。

This is Chris here.

我是克里斯。

As Mike mentioned, 13 new structures, which was highlighted in the December exploration press release.

正如麥克所提到的，13個新結構在 12 月的勘探新聞稿中進行了重點介紹。

Now, we've been alluding to this over last year.

去年我們一直在提及這一點。

We've put a lot of effort into sort of moving a lot of the exploration over to that east portion.

我們付出了很多努力，將大量勘探工作轉移到東部。

We have some of the major structures, the NC2, et cetera.

我們有一些主要的結構，NC2，等等。

But if you remember, the La Colorada mine has been deepening.

但如果你還記得的話，拉科羅拉達礦井的開採一直在不斷深入。

And as we -- we know that through these systems, it becomes more polymetallic-rich.

我們知道，透過這些系統，它變得更加富含多金屬。

So finding new structures and finding new areas higher up in the system is obviously beneficial.

因此，找到新的結構和在系統更高層找到新的區域顯然是有益的。

And that's why we're really concentrating on that eastern portion and southeast of the Skarn area, which is at depth as well.

這就是為什麼我們真正集中精力於矽卡岩地區的東部和東南部，那裡的深度也很高。

But we've had some great results, as you can see in that press release, and that's certainly something to look forwards to for the future of the company.

但正如您在新聞稿中看到的那樣，我們取得了一些出色的成績，這對於公司的未來無疑是值得期待的。

Great.

偉大的。

And maybe same type of question for Jacobina as well.

也許 Jacobina 也會問同類型的問題。

You're guiding to 185,000 to 195,000 ounces in 2025.

您預計 2025 年產量將達到 185,000 至 195,000 盎司。

I thought that could have gone higher potentially as well just given that you did a record 52.4 in Q4 2024.

我認為，考慮到 2024 年第四季創下了 52.4 的紀錄，這個數字還有可能更高。

Could you maybe comment on that?

您能對此發表評論嗎？

And also maybe comment on, I believe there's some optimization studies ongoing at Jacobina, how that's going so far as well.

也許還可以評論一下，我相信 Jacobina 正在進行一些優化研究，看看目前的進展如何。

Yes.

是的。

Cosmos, Steve here again.

科斯莫斯，史蒂夫又來了。

Yes.

是的。

We had a remarkable year and a remarkable Q4 at Jacobina.

我們在 Jacobina 度過了非凡的一年和非凡的第四季。

We're very, very happy with the way that operation is debottlenecking -- continues to debottleneck.

我們對消除瓶頸的運作方式感到非常非常滿意——並且正在繼續消除瓶頸。

With that said, there are some projects that are underway during 2025 outside of the optimization study to try to firm up the plant and give us stability.

話雖如此，除了優化研究之外，2025 年還有一些項目正在進行中，旨在鞏固工廠並為我們帶來穩定性。

We got some screens that are undersized.

我們有一些尺寸太小的螢幕。

We're pushing them too hard.

我們對他們要求太高了。

So we're replacing some screens in the crushing plant as well as the grinding circuit.

因此，我們正在更換破碎設備以及研磨迴路中的部分篩網。

We're doing some upgrades on our CIP, carbon-in-pulp, tanks to give us that sustainable run rate, but those projects won't be done until late in the year.

我們正在對 CIP（炭漿罐）進行一些升級，以實現可持續的運行率，但這些項目要到今年年底才能完成。

So we didn't want to forecast the kind of production throughputs we had during Q4 for the whole first 9 months given those projects.

因此，我們不想根據這些項目來預測整個前 9 個月第四季的生產產量。

Once those projects are done, we're quite confident.

一旦這些項目完成，我們就非常有信心。

And as part of the optimization work that I'll talk about next, we're quite confident midyear, we'll be able to come out with some -- looking forward, beyond '25, as to how we can push that plant up a little bit.

作為我接下來要談到的優化工作的一部分，我們非常有信心在年中提出一些展望，展望25年以後，我們將能夠推動該工廠的進一步發展。

Relative to the optimization studies, that work is going really well.

相對於優化研究，這項工作進展非常順利。

There's a few projects that are going to come out, and we're going to be announcing them later in '25 midyear that deals with handling of this concept of this paste plant that we've been talking about for the underground mine that allow us to get a better recovery of the reserve and resources that exist there.

有幾個項目即將推出，我們將在 25 年中晚些時候宣布這些項目，這些項目涉及處理我們一直在談論的用於地下礦的糊狀工廠的概念，這使我們能夠更好地回收那裡的儲量和資源。

But also in the longer-term picture, we got to change the way we're handling some of the tailings.

但從長遠來看，我們必須改變處理部分尾礦的方式。

So we're looking at a filter plant there, too.

所以我們也正在那裡尋找過濾廠。

So the optimization studies is kind of starting to break up into different phases.

因此，優化研究開始分為不同的階段。

The first phase will focus on getting those projects out, along with getting this mill sustained at the kind of throughput we saw in Q4.

第一階段將專注於完成這些項目，同時確保工廠的產量維持在第四季度的水平。

And then we see future potential.

然後我們看到了未來的潛力。

It's really starting to get exciting there as well, too, as to what we can do during '26 and '27.

至於我們在 26 年和 27 年能做些什麼，這也確實開始變得令人興奮了。

And maybe one last question, sort of bigger picture.

也許還有最後一個問題，有點更宏觀一點。

Michael, I'm sure you've noticed that Newmont has now sold their Timmins assets.

邁克爾，我相信你已經注意到紐蒙特公司現在出售其蒂明斯資產。

Does this now change how you view your Timmins asset?

這是否會改變您對 Timmins 資產的看法？

And then also, can you remind us of the book value you have for these assets?

另外，您能提醒我們這些資產的帳面價值嗎？

Look, these assets are doing really, really well, as you can imagine.

你看，這些資產的表現非常非常好，正如你所想像的。

But I think we talked about that in the past that I'm a strong believer and we are strong believers that, that district, the entire Timmins district, can generate way more value in maybe a bit of different form, looking at -- I don't know yet how that will look like, but working together on many fronts.

但我想我們過去討論過這個問題，我堅信，我們也堅信，那個地區，整個蒂明斯地區，可以以稍微不同的形式創造更多的價值，看看——我還不知道它會是什麼樣子，但在許多方面共同努力。

There are lots of trucks and transportation going all different directions between Newmont or soon Discovery Silver and ourselves.

有許多卡車和交通工具在我們和紐蒙特或即將開業的 Discovery Silver 之間往返。

So I think there's a lot to optimize.

所以我認為有很多地方需要優化。

It's probably a bit early to talk about that.

現在談這個可能還有點早。

But I think there's a lot we can do that helps our shareholders and probably helps Discovery shareholders as well.

但我認為我們可以做很多事情來幫助我們的股東，也可能幫助探索頻道的股東。

And that was obviously the reason why they did the deal with Newmont.

這顯然是他們與紐蒙特達成交易的原因。

I think that it's a great district in Canada, great producer of gold.

我認為這是加拿大一個偉大的地區，是黃金的主要產地。

And don't forget, it's not only our 2 operations there, but I think we shared in the past some results from some of the more satellite exploration programs that Chris is doing at Whitney and Gold River we have as well.

別忘了，我們不僅在那裡開展了兩項業務，而且我認為我們過去曾分享過克里斯在惠特尼和金河進行的一些衛星探索計畫的成果。

So there is some very, very interesting additional satellites.

因此有一些非常非常有趣的附加衛星。

And I think everything will play in, in those decisions.

我認為一切都會影響這些決定。

So I think it's a very exciting time for Timmins.

所以我認為這對蒂明斯來說是一個非常令人興奮的時刻。

Great.

偉大的。

Thanks, again, Michael, Steve, Chris, Sean, and team.

再次感謝邁克爾、史蒂夫、克里斯、肖恩和團隊。

Those are all the questions I have.

這些就是我全部的問題。

Thank you.

謝謝。

(Operator Instructions) Don DeMarco, National Bank Financial.

（操作員指示）Don DeMarco，國家銀行金融。

Thank you, operator and good morning, Michael and team.

謝謝接線員，早安，邁克爾和團隊。

Constructive guidance, really showed some stability in the ops.

建設性的指導確實在操作中顯示出一定的穩定性。

So a few questions.

有幾個問題。

Can you hear me okay?

你聽得到我說話嗎？

We do, yes.

是的，我們知道。

Go ahead.

前進。

Okay.

好的。

Great.

偉大的。

So I jumped in a little bit late.

因此我介入得稍微晚了一點。

You may have talked a bit about Jacobina, but what is the timing of the optimization study?

您可能已經談到了一些關於 Jacobina 的事情，但是優化研究的時間是怎麼樣的呢？

And what details can you share now about the throughput increases or mine life extensions, things like that, that have been talked about at one point?

您能分享哪些有關增加產量或延長礦井壽命等曾經討論過的細節嗎？

Yes.

是的。

Don, Steve here.

唐，我是史蒂夫。

Yes, we had a great Q4 at Jacobina.

是的，我們在 Jacobina 的 Q4 表現非常出色。

We were able to accomplish kind of a target we set ourselves in trying to get the throughput through the mine and the plant at 275,000 tonnes or just have 9,000 tonnes a day.

我們能夠完成自己設定的目標，即使礦山和工廠的產量達到 275,000 噸，或每天 9,000 噸。

We accomplished that, we were very pleased with that, but we do have some projects that we have to complete in the plant.

我們完成了這個任務，我們對此感到非常高興，但我們確實還有一些項目必須在工廠內完成。

We're changing some screens in the crusher.

我們正在更換破碎機的一些篩網。

We're changing some screens in the grinding circle.

我們正在更換研磨圈中的部分篩網。

We're upgrading some of the tanks and some of the tailings pumping that will give us stability and sustainability of that kind of throughput is what we're seeing.

我們正在升級一些儲罐和尾礦泵，這將為我們提供穩定性和可持續性的吞吐量，這就是我們所看到的。

So a big part of the optimization study as those projects are done, it will capture those values and give us sustainability late into '25 and certainly into 2026.

因此，隨著這些項目的完成，優化研究的很大一部分將捕捉這些價值，並為我們提供持續的可持續性，直到2025年，當然還有2026年。

And we'll kind of disclose what those numbers are looking like midyear.

我們將在年中揭露這些數字的具體情況。

Now, midyear, the optimization study is starting to split off into different phases.

現在，年中，優化研究開始分成不同的階段。

And we're seeing Phase 1, where we're looking at this paste plant that we've talked about over the last year or so, bringing that in to allow us to recover more of the reserves.

目前我們正處於第一階段，我們正在研究過去一年左右討論過的這種糊狀工廠，將其引入可以讓我們回收更多的儲量。

And also, we got a longer-term tailings disposal alternatives, which the paste plant helps us with, but also we are looking at a filter plant for tailings disposal, too.

此外，我們還獲得了長期尾礦處理替代方案，糊狀工廠為我們提供了幫助，但我們也在尋找用於尾礦處理的過濾工廠。

So that will kind of be the Phase 1 optimization.

所以這將是第一階段的最佳化。

We'll announce kind of some projects around that and what the returns are and investments are.

我們將宣布一些相關項目以及回報和投資情況。

We're targeting midyear this year to do that.

我們的目標是在今年年中實現這一目標。

And then beyond that, we'll move into Phase 2, which once we understand how those feed in, we got some really interesting optimizations that we're going to be continuing on that will bring value into '26, '27, '28 that will be a Phase 2 program later.

除此之外，我們還將進入第二階段，一旦我們了解了這些內容是如何輸入的，我們就會進行一些非常有趣的優化，我們將繼續進行這些優化，這些優化將為'26、'27、'28 帶來價值，這將是稍後的第二階段計劃。

Okay.

好的。

And Steve, while I have your ear here, on El Peñon, we're seeing stable production year-over-year.

史蒂夫，當我聽你這麼說的時候，在 El Peñon，我們看到產量逐年穩定。

Costs are stable and attractive AISC midpoint of $1,235, actually even slightly lower year-over-year.

成本穩定且具有吸引力，AISC 中間值為 1,235 美元，實際上比去年同期甚至略低。

It's -- does this mean that those sort of initial integration hiccups are really in the rearview mirror and you're feeling comfortable with this asset now?

這是否意味著那些最初的整合障礙已經成為過去，而您現在對這項資產感到滿意？

Absolutely.

絕對地。

Yes, great question, Don.

是的，這個問題問得很好，唐。

And yes, we're very pleased with the stability of that.

是的，我們對它的穩定性非常滿意。

We're focusing a lot of effort on exploration.

我們正集中大量精力進行探索。

We want to extend that mine life.

我們希望延長礦井的壽命。

It's a great cash-flowing asset for us.

對我們來說這是一筆龐大的現金流資產。

Costs are stable.

成本穩定。

The operation is stable.

運行穩定。

I'll remind you, it's at 130 kind of 1,000 ounces a year gold production levels.

我提醒你一下，每年的黃金產量是 130 到 1,000 盎司。

It was a little less than what we aggressively pursued in '23.

這比我們在1923年積極追求的目標少一點。

But that -- kind of dialing that in, we feel very comfortable with that operation, and it's performing incredibly well.

但是，透過這種撥號，我們對這種操作感到非常滿意，而且它的表現非常好。

It was -- Don, if you recall, it was really the spacing of some of the drilling in some of the stopes that we saw that impact at the beginning.

是的——唐，如果你還記得的話，我們一開始就看到了一些採場中一些鑽孔的間距產生了影響。

And I wouldn't call it really an integration hiccup.

我並不認為這真的是一個整合障礙。

I think the team at Peñon is doing an unbelievable job and integrated very easily into our company and our system, so the other Yamana assets.

我認為 Peñon 團隊做得非常出色，並且能夠非常輕鬆地融入我們的公司和系統，以及其他 Yamana 資產。

So not really an issue on the integration, but really that space drilling.

所以其實這不是整合的問題，而是太空鑽探的問題。

And Chris and his team did a lot of work drilling that out, and I think we're seeing the result of that now.

克里斯和他的團隊為此做了大量鑽探工作，我想我們現在看到了成果。

Okay.

好的。

Good to see.

很高興看到。

And so, Michael, last question on Escobal.

那麼，邁克爾，最後一個問題是關於埃斯科瓦爾的。

So you mentioned that the government hasn't published a time line for completion of the consultation process.

所以您提到政府尚未公佈完成諮詢過程的時間表。

What is your sense here?

您在這裡的感覺是什麼？

It's been a stalemate for about a year now, but there's probably other meetings going on.

目前僵局已經持續了大約一年，但可能還有其他會議正在進行。

Are there reasons to be optimistic for '25?

有理由對25年感到樂觀？

Or what are your thoughts on Escobal?

或者您對埃斯科瓦爾有何看法？

Yes.

是的。

I wouldn't call it a stalemate.

我不會稱之為僵局。

There's a lot of meetings going on.

有很多會議正在進行。

As you recall, with the new government coming in just about a year ago, there was kind of a slow start-up last year to get there, but there's a lot of work going on in the background between the actors.

大家還記得，大約一年前新政府上台後，去年的起步比較緩慢，但各方在幕後已經進行了大量工作。

So I wouldn't call it a stalemate.

所以我不認為這是僵局。

We had kind of some timings for meetings published years ago by the government.

幾年前政府就公佈了一些會議時間表。

And I think that's really -- didn't really bring that much as it just put pressure on actors that's not necessary.

我認為這並沒有帶來太大的幫助，因為它只是給演員施加了不必要的壓力。

So we'd rather just continue with as many meetings, as many discussions we can on the way to hopefully a positive solution here.

因此，我們寧願繼續進行盡可能多的會議、盡可能多的討論，以期找到積極的解決方案。

So yes, I wouldn't call it a stalemate.

所以是的，我不會稱之為僵局。

I think there's probably -- maybe let me have Sean give you an update -- a quick update here.

我認為有可能 — — 也許讓我讓肖恩給你一個更新 — — 這裡有一個快速更新。

There's quite a lot going on.

有很多事情發生。

Yes.

是的。

Well, thank you, Michael.

好吧，謝謝你，邁克爾。

There was those changes in government last year, and so they did change out the Vice Minister of Sustainable Development, who leads the process.

去年政府發生了變化，因此他們確實更換了領導這一進程的可持續發展副部長。

So that was key in some of the delays last year, but the meetings are ongoing into Q4.

所以這是去年一些延遲的關鍵因素，但會議仍在第四季進行。

We had several meetings with the government as well as Xinka Parliament's meetings with the government.

我們與政府舉行了幾次會議，辛卡議會也與政府舉行了幾次會議。

So those were good.

這些都很好。

And then things always slow down over the holidays and into early January.

然後，假期期間以及 1 月初，一切總是會變得緩慢。

And then we've just started picking up again with some meetings with the government.

然後我們又開始與政府舉行一些會議。

So I feel like there's going to be a lot more activity in the coming weeks and months.

所以我覺得未來幾週和幾個月會有更多的活動。

And hopefully, we're able to provide a more meaningful update on some of the developments after the Q1 results into May.

希望我們能夠在 5 月第一季業績公佈後，提供一些更有意義的更新。

So I'm looking forward to that.

所以我對此很期待。

Okay.

好的。

Excellent.

出色的。

Thank you for that.

謝謝你。

That's all for me.

對我來說這就是全部了。

Good luck with Q1 and the rest of the year.

祝第一季以及今年剩餘時間一切順利。

This concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to Michael Steinmann for any closing remarks.

我想將會議交還給邁克爾·斯坦曼 (Michael Steinmann) 來做結束語。

Please go ahead.

請繼續。

Sorry, operator, I just see that a question came in.

抱歉，接線員，我剛剛看到有疑問。

Could we answer that, please?

我們能回答一下嗎？

Ovais Habib, Scotiabank.

Ovais Habib，加拿大豐業銀行。

Hi, Michael.

你好，麥可。

Just a couple of questions from me.

我只是有幾個問題而已。

Sorry, if you've already touched upon some of these as I've been bouncing between a couple of calls.

抱歉，如果您已經觸及其中一些問題，因為我在幾個電話之間來回切換。

Michael, just first question in regards to the guidance.

邁克爾，第一個問題是關於指導的。

I believe production and costs are second half-weighted.

我認為產量和成本是第二大權重。

Any kind of color that you can provide in terms of what assets will drive the split between the first and second half?

您能提供什麼細節來說明哪些資產將決定上半年和下半年的劃分？

Yes.

是的。

I will let Steve do that.

我會讓史蒂夫做這件事。

But just in general, for the listener, this is obviously a recurring theme with Pan American, and it's largely driven -- partially driven by the weather, so by the seasons, rainy seasons, dry seasons, cold winters in the first half.

但總的來說，對聽眾來說，這顯然是泛美航空反覆出現的主題，而且它很大程度上是由天氣決定的，所以受季節、雨季、旱季、上半年寒冷的冬天的影響。

As you remember, we are in whole different kind of climates.

正如你們所記得的，我們正處於完全不同的氣候之中。

You saw the same last year, obviously, in the year before and you saw the really strong production we had in Q4.

顯然，去年和前年您也看到了同樣的情況，並且您看到了我們第四季度的強勁產量。

Nothing obviously we can do with the climate there.

顯然我們對那裡的氣候無能為力。

That's just what it is for the assets that are distributed so widely over different climate zones, but I'll have Steve give you a bit more details.

這就是廣泛分佈在不同氣候帶的資產的情況，但我會讓史蒂夫給你更多的細節。

Yes.

是的。

Thanks, Ovais.

謝謝，Ovais。

And one of the bigger drivers is Cerro Moro, and that's just mine sequencing.

其中一個較大的驅動因素是塞羅莫羅 (Cerro Moro)，這只是我的排序。

As we're opening up the Naty open pit, we're getting the higher grade later in the year.

隨著我們開採 Naty 露天礦場，我們將在今年稍後獲得更高的品位。

That's really driving the big part of it.

這才是真正推動事情發展的重要部分。

Shahuindo, as Michael mentioned, is very, very weather-dependent.

正如邁克爾所說，Shahuindo 非常依賴天氣。

So we generally see better production going in late in the year there as well.

因此，我們通常也看到年底產量會更好。

I think those are probably the two bigger drivers.

我認為這可能是兩個更大的驅動因素。

There's a bit of that at El Peñon, but it's -- again, it's just mine sequencing.

El Peñon 有一點這樣的情況，但 — — 再說一遍，這只是我的排序。

Perfect.

完美的。

And my just -- my next question and -- is more the fact that, again, you had a great Q4, generated a lot of free cash flow in Q4 that based on operations, kind of it looks like they are stabilizing going into 2025 as well.

我的下一個問題是，事實上，您再次度過了一個出色的第四季度，在第四季度產生了大量自由現金流，根據營運情況，看起來它們在進入 2025 年時也將趨於穩定。

So that's really good to see.

看到這一點真的很高興。

Now, that kind of you've integrated all those Yamana assets, you've done a great job on the noncore as well, is it time now to start focusing on more on exploration side?

現在，您已經整合了所有 Yamana 資產，並且在非核心業務上也做得很好，現在是時候開始更多地關注勘探方面了嗎？

Or how should we look at 2025 in terms of exploration?

或者從探索的角度來說我們該如何看待2025年？

Well, we never really slowed down on exploration.

嗯，我們從未真正放慢探索的腳步。

You see there's a substantial budget for exploration.

你知道，我們投入了巨額的探索預算。

We tend to even increase that budget during the year.

我們甚至傾向於在年內增加預算。

It really depends on the results.

這確實取決於結果。

As you know, I'm a geologist by trade and strong exploration results always will be rewarded with more investments.

如你所知，我是一名地質學家，強勁的勘探成果總是會獲得更多的投資回報。

This is really the bread-and-butter of our business.

這確實是我們業務的核心。

And obviously, you have the plant already built and the mine is already developed largely.

顯然，工廠已經建成，礦井也已基本開發。

So in each place, replacing that reserve is incredibly important.

因此，在每個地方，補充儲備都非常重要。

It really generates a lot of value.

它確實創造了很多價值。

So exploration, always a very big focus.

因此探索始終是我們關注的重點。

But our exploration, as you know, is really focused on brownfields, so close to our sites, reserve addition, maybe some truckable distance where we're looking at some truckable satellites in some places.

但如你所知，我們的勘探實際上集中在棕地上，因此靠近我們的場地、儲備增加，也許是一些可卡車運輸的距離，我們在某些​​地方觀察一些可卡車運輸的衛星。

I think Cerro Moro comes to mind where we are actually mining at one zone right now, and we just discovered another one that Chris and his team are drilling out.

我想到的是塞羅莫羅 (Cerro Moro)，我們實際上現在正在一個區域進行採礦，我們剛剛發現了另一個區域，克里斯和他的團隊正在鑽探。

So exploration is always really core to us.

因此，探索對我們來說始終是核心。

If you look back, we have been incredibly successful replacing hundreds of millions of ounces of silver over the last, I would say, 15 years with brownfield exploration, on-site exploration.

如果回顧過去，我們會發現，過去 15 年來，我們透過棕地勘探和現場勘探，非常成功地補充了數億盎司的白銀。

And don't forget our exploration program discovered the Skarn deposit.

別忘了我們的勘探計劃發現了矽卡岩礦床。

So there will always be a big focus on that.

因此，我們會一直高度關注這一點。

That's perfect.

那很完美。

Thanks, Michael, for that and thanks for taking my questions and, looking forward to seeing you during PDAC.

謝謝您，邁克爾，也感謝您回答我的問題，期待在 PDAC 期間見到您。

Adrian Day, Adrian Day Asset Management.

阿德 (Adrian Day)，阿德里安戴資產管理公司 (Adrian Day Asset Management)。

Yeah.

是的。

Good morning.

早安.

Just a follow-up, if I may, on Escobal but taking a different direction.

如果可以的話，我只是對埃斯科巴爾進行了後續報道，但是採取了不同的方向。

Once you get the approval to reopen, and of course, you'll obviously get an indication that's coming probably before it actually happens, but how soon before you're producing again?

一旦您獲得重新開業的批准，當然，您顯然會在實際發生之前得到一個跡象，但多久之後您才能再次生產？

And how soon before it's fully ramped back up?

還有多久才能完全恢復？

Yes.

是的。

Adrian, look, I think it would take probably a good quarter to two to start up the first stope.

阿德里安，你看，我認為大概需要兩刻鐘才能啟動第一個採場。

As you know or probably remember from the time with Veta, when the asset was in production, those stopes are very sizable, produce a lot of silver.

正如您所知或可能還記得的，在 Veta 資產投入生產時，那些礦場規模非常大，產出了大量白銀。

So that would start, I guess, one stope at Escobal should be equivalent to about 5 million to 6 million ounces of silver per year.

因此，我猜想，埃斯科巴爾的一個礦場每年的白銀產量應該相當於約 500 萬到 600 萬盎司。

So that's already a strong start-up.

所以這已經是一個強大的新創企業了。

I think thereafter, probably about the better part of a year to bring it -- would it take to bring it back to the full production, which was somewhere in the range of 20 million to 22 million ounces a year.

我認為此後，可能要花大半年的時間才能恢復到滿產狀態，也就是每年 2,000 萬至 2,200 萬盎司的產量。

Okay, okay.

好的，好的。

That's helpful.

這很有幫助。

And just once the approval is granted, are you -- as a company, are you ready to start?

一旦獲得批准，作為一家公司，您是否已準備好開始行動？

Or would you say, well, we've got other things going on.

或者你會說，好吧，我們還有其他事情要做。

We'll leave it a few months now.

我們現在要將其擱置幾個月。

It's obviously an incredible mine and project.

這顯然是一個令人難以置信的礦山和項目。

So of course, all our focus are on this.

因此，當然，我們的全部注意力都集中在這上面。

There's always a lot going on.

總是有很多事情發生。

We have a very accomplished team that can handle many assets at the same time.

我們擁有一支非常出色的團隊，可以同時處理多項資產。

I think that we have shown that year over year over year.

我認為我們年復一年地證明了這一點。

So -- but of course, that will be a number one focus.

所以——但當然，這將是首要關注的。

You probably noticed over the past years that we normally spend as probably as much as $24 million in the past, maybe now more between $18 million and $20 million in care and maintenance at that asset to make sure that everything is in top shape and the restart can happen or could happen as quickly as possible.

您可能已經注意到，在過去，我們通常花費多達 2400 萬美元，現在可能更多，在 1800 萬至 2000 萬美元之間，用於該資產的維護和保養，以確保一切處於最佳狀態，並且能夠或能夠盡快重啟。

Okay, I appreciate that.

好的，我很感激。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to Michael Steinmann for any closing remarks, please.

我想將會議交還給 Michael Steinmann，請他作結語。

Thank you, operator, and thanks for everyone calling in today.

謝謝接線員，也感謝今天撥打電話的所有人。

Yes, these are exciting times for Pan American Silver, very high metal prices, very strong cash flow generation and great returns to our shareholders.

是的，對於泛美白銀來說，這是一個令人興奮的時刻，金屬價格非常高，現金流非常強勁，股東回報豐厚。

So we will really, really focus and maintain a rigorous control on our costs to maintain those great margins that we are enjoying right now.

因此，我們將真正集中精力並嚴格控製成本，以維持我們現在享有的巨大利潤。

And I'm really looking forward to update you in our Q1 call in May.

我非常期待在 5 月的第一季電話會議上向您報告最新情況。

Until then, have a good day.

祝您有美好的一天。

Thank you, everyone.

謝謝大家。

This brings to close today's conference call.

今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開您的線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有個愉快的一天。